When I was in prison, visiting, an inmate came right after my presentation and said “Mustapha I really appreciate your talk on in-mate reformation. But how do you advise someone like me serving a jail term for a crime I never committed?” This was my first face to face with a victim of fraud, 10 years ago. Then an Accounts Officer at a local NGO, the victim was serving a jail term for misappropriation of petty cash. He was a young accountant in his first job. He explained to me that he had been requested by his supervisor, the Finance…
The rise and fall of Victoria Basin Savings and Microfinance Cooperative Trust Ltd (VBS)
The demise of Victoria Basin Savings and Microfinance Cooperative Trust Ltd was a big blow to so many people’s livelihood. Founded in 1990, this once vibrant entity started operating as a building society and then transformed into a SACCO. It became an immediate success. However, changes in the legal status (from a building society into a SACCO) called for better ways of doing things especially an effective and independent Board of directors to provide effective oversight, risk management and going concern. Unfortunately, its leadership and members did not respond to the new realities. It was reported that one of its…
